Allstate 2014 Annual Report Download - page 223
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If the projected option cost increased (decreased), it would result in a higher (lower) liability fair value.
As of December 31, 2014 and 2013, Level 3 fair value measurements include $1.03 billion and $1.27 billion,
respectively, of fixed income securities valued based on non-binding broker quotes where the inputs have not been
corroborated to be market observable and $169 million and $208 million, respectively, of municipal fixed income
securities that are not rated by third party credit rating agencies. As of December 31, 2013, Level 3 fair value
measurements for assets held for sale include $319 million of fixed income securities valued based on non-binding
broker quotes where the inputs have not been corroborated to be market observable. The Company does not develop
the unobservable inputs used in measuring fair value; therefore, these are not included in the table above. However, an
increase (decrease) in credit spreads for fixed income securities valued based on non-binding broker quotes would
result in a lower (higher) fair value, and an increase (decrease) in the credit rating of municipal bonds that are not rated
by third party credit rating agencies would result in a higher (lower) fair value.
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